Bitcoin’s hash rate has risen by almost 5% overnight, according to Ycharts. Now 104 EH/s back the network, indicating a slow recovery from a tough crackdown that China that sent many Bitcoin miners offline.
The hash rate dropped by 17% last week following a state-issued shutdown order in Sichuan, a province popular for mining operations due to an excess of cheap hydroelectric power. The order forced 26 mining farms to shut down.
Bitcoin has done well to recover—many Chinese miners have relocated to North America and Kazakhstan—although the network’s hash rate is still 1.68% lower than this time last year.
Chinese blockchain journalist Colin Wu tweeted, “it is expected that it will be difficult to return to [its former level of] 130E in half a year, unless China's policy is loosened.”
The hashrate of Bitcoin began to slowly rise, and some Chinese miners' machines began to land in Kazakhstan and North America, but it is expected that it will be difficult to return to 130E in half a year, unless China's policy is loosened. pic.twitter.com/EQp29iumOz
Since Wu’s tweet this morning, Bitmain-owned Chinese mining farm Antpool has dropped by 1200 PH/s (quadrillion hashes per second), conceding top place to another Chinese mining pool called ViaBTC.
For Wu, the numbers still highlight an inextricable link between crypto and Chinese policy decisions. “We cannot underestimate the influence of China on the cryptocurrency industry,” he tweeted.
All in all, we cannot underestimate the influence of China on the cryptocurrency industry, and we also have certain expectations for future policy opening (although it is not possible in the short term).
The current Chinese crackdown started in mid-May when three payments associations in the country reiterated support for the central bank’s 2017 ban on financial companies engaging in crypto transactions. Following that announcement, the price of Bitcoin sank 30% from over $40k to $30,415.
Even though the news seemed relatively innocuous, Bitcoin is far from recovering to its former all-time high of $64,800 in mid-April. It currently trades at less than half that: $31,158.
Elon Musk’s favorite cryptocurrency made a comeback at the end of last year as retail investors flooded back into the market to snap up Dogecoin. The coin was launched as a joke in 2013, but has persisted over the years and remained prominent.
But just how serious is the business of mining the O.G. meme coin? People are actively buying the machines to do so, according to vendors at this year’s Mining Disrupt conference in Fort Lauderdale, Florida.
Though the conference was heavily focused on th...
Banks can engage in cryptocurrency and other legally permitted activities without seeking prior regulatory approval, so long as they manage risks appropriately, The Federal Deposit Insurance Corporation announced Friday.
The policy change rescinds a 2022 requirement that mandated FDIC-supervised institutions notify the agency before engaging in crypto-related activities. Under the new guidance, banks can offer services involving digital assets without the agency's advance permission.
"With today...
The NASDAQ exchange has applied to the U.S. Securities and Exchange Commission to list shares of an Avalanche exchange-traded fund issued by crypto asset manager Grayscale.
The 19b-4 form for Grayscale's AVAX ETF follows its registration as a Delaware Trust entity more than two weeks ago.
If approved, the AVAX ETF would use Coinbase Custody as its custodian, the 19b-4 shows.
The issuer must still file an S-1 registration statement describing the product, however.
AVAX, the utility token of L...
